Gold bear watch

Short

Direxion Daily Gold Miners Index Bear 2X Shares (AMEX:DUST)

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AMEX:DUST Direxion Daily Gold Miners Index Bear 2X Shares

supplyanddemand supportandresistance triangle

Gold has broken down from a clear descending triangle formation and just made a bearish retest.

Fundamentals are strong going forward but can't ignore the worrisome technical picture here.

I Hedged my miners portfolio with DUST. Miners could have a violent break down as they have been lagging gold.

I do not think we will reach the more bearish targets, but I am thinking we have a higher than 50% chance of going sub-1400.

Commentaire:

I'm thinking 1360 or 1385 as THE DIP opportunity on gold

Commentaire:

this idea has confluence with a retest of daily 200 MA

Commentaire:

over the last week, I scaled into a large DUST position to hedge my entire portfolio and am now net short.

Commentaire:

gold appears to ave a perfect bearish retest

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